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Six Strengths of WM Motor that Attracted Kaixin Auto Holdings to the Proposed Acquisition
BEIJING, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN) today announced that it had identified several
About this update from Kaixin Holdings
[{"type":"text","content":"BEIJING, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (\"Kaixin\" or the \"Company\") (NASDAQ: KXIN) today announced that it had identified several noteworthy strengths in WM Motor Holdings Limited (\"WM Motor\") that attracted the Company to the proposed acquisition. On September 11, Kaixin announced the non-binding acquisition term sheet with WM Motor to acquire 100% of equity of WM Motor. As a pioneer in bringing innovative smart EV technologies to China’s mainstream auto market, WM Motor possesses six unique strengths. Comprehensive product line. WM Motor has built a comprehensive SUV+ Sedan smart EV portfolio, including three SUVs (EX5/EX6/W6) and two sedans (E5 including E5 Pro/M7). From 2018 to 2022, its smart EV portfolio achieved mass production and was able to meet the needs of mainstream market users in China with over 100,000 vehicle sales.Top-notch production facilities. WM Motor is China's first EV automaker to build its own production facilities and acquire two EV manufacturing licenses. WM Motor owns two Industry 4.0 intelligent factories in Wenzhou and Huanggang. The manufacturing facilities have a maximum annual production capacity of 250,000 vehicles and have realized full industrial chain digitization through the C2M flexible production model and the 100% automated assembly lines. In July 2020, WM Motor won the Zhan Lu Award, the first global industrial intelligence award, through the artificial intelligence algorithm of its WM-APS platform.Extensive sales networks. By the end of 2021, WM Motor established an extensive sales network consisting of 621 partner stores, including 397 WM Spaces (for brand display only, no vehicle sales), 180 WM Stores, and 44 WM Stars (for both brand display and vehicle sales), covering 211 cities in China. The sales network provided customized services according to local users' preferences and online promotion channels.Remarkable R&D achievements. WM Motor has developed several proprietary modular vehicle platforms, including Living Pilot autonomous driving (the W6 model is the first and only mass-produced model with L4 AVP capability in the world), Living Engine smart cockpit (the first operating system running on Qualcomm SA8155P chip with multi-modal and multi-screen HMI), Living Motion electric power system (in-house manufactured battery packs and proprietary BMS t...